Good read. I forgot about the Real GDP aspect. For secret inflation to be real, our economy would be in it's 26th consecutive year of 4+% shrinkage. We'd be living in post-apocalyptic times.
Instead we have the internet and smartphones.
The article is nothing more than modeling confirmation bias and nonsensical political rambling. Hyper-inflation has not occurred since QE; therefore, people feel at liberty to invent any number of stupid reasons as to why inflation didn't occur. This particular author argues that inflation didn't happen because inflation-truthers are inherently wrong. My mind was almost blown by the complexity of his inept ad hominem argument.
There is no denying the over-valuation of the US dollar. We've been printing money and running huge trade deficits for over a decade. Foreign-exchange reserves in China, Japan, and the EU are propping up the dollar, and the real inflation-truthers have been hawking gold quite successfully for over a decade.
We are walking the ridge of a roof. A rapidly expanding economy, may have catalyzed a clumsy sell-off of USD as central bankers moved to reduce foreign exchange exposure. Continued economic contraction during QE, might have facilitated a USD sell-off, which literally would have led to a new Weimar Republic in the US. I see no reason to criticize people who believed that our absurdly tepid economic recovery would have caused the latter to happen.
For the record, I believed Obama and Congress were not so inept as to cause Weimar 2.0, but their incompetence has caused me to question my position on several occasions. If the recovery continues at such a slow pace, we won't be out of the woods for another decade, either. We should not be celebrating.
